Deutsche Bank Merger Plan Seen Threatened by Mounting Opposition - Bloomberg:
Less than two weeks ago, the leaders of Deutsche Bank AG and Commerzbank AG agreed to take an unbiased look at a proposed merger. Almost every day since then, their efforts have been undermined by internal and external forces.
Egged on by the German government, Deutsche Bank Chief Executive Officer Christian Sewing and his Commerzbank counterpart, Martin Zielke, are war-gaming the kind of cost savings and market share that would make a $20 billion-plus deal work. While neither is necessarily a fan, they agreed to give it a fair hearing, people briefed on the matter said.
The banks are still looking at one another, but the chances of a deal have dwindled, according to several people close to the talks, who asked not to be identified discussing confidential matters. What nobody foresaw was the parade of stakeholders who decided a merger would be a recipe for disaster. Commerzbank employees lambasted it; labor unions want to block it; some of Deutsche Bank’s biggest shareholders, including Qatar’s government, are wary of the plan.
Thursday, 28 March 2019
Aramco Megadeal Takes Middle East M&A Volume Near Europe Levels - Bloomberg
Aramco Megadeal Takes Middle East M&A Volume Near Europe Levels - Bloomberg:
In a matter of days, the Middle East has turned the tables on global M&A.
Acquisitions involving targets in the Middle East and Africa are up more than six-fold this year to $103.4 billion, according to data compiled by Bloomberg. That’s inching closer to acquisitions of European companies, which are down 50 percent to $114.7 billion, the data show.
Saudi Aramco, the world’s biggest oil producer, on Wednesday agreed to buy a majority stake in chemical giant Saudi Basic Industries Corp. for $69.1 billion, marking the Middle East’s biggest deal. It came just one day after Uber Technologies Inc. agreed to buy Dubai-based rival Careem Networks for $3.1 billion in the region’s largest technology transaction.
In a matter of days, the Middle East has turned the tables on global M&A.
Acquisitions involving targets in the Middle East and Africa are up more than six-fold this year to $103.4 billion, according to data compiled by Bloomberg. That’s inching closer to acquisitions of European companies, which are down 50 percent to $114.7 billion, the data show.
Saudi Aramco, the world’s biggest oil producer, on Wednesday agreed to buy a majority stake in chemical giant Saudi Basic Industries Corp. for $69.1 billion, marking the Middle East’s biggest deal. It came just one day after Uber Technologies Inc. agreed to buy Dubai-based rival Careem Networks for $3.1 billion in the region’s largest technology transaction.
#AbuDhabi Is Said to Weigh Options for $10 Billion Nova Business - Bloomberg
Abu Dhabi Is Said to Weigh Options for $10 Billion Nova Business - Bloomberg:
Abu Dhabi’s Mubadala Investment Co. is exploring options for Nova Chemicals Corp., a Canadian plastics maker that could be valued at $10 billion or more, according to people with knowledge of the situation.
The sovereign wealth fund is working with financial advisers as it weighs what to do with the asset, including selling a stake to a Canadian pension fund or another company in the industry, said the people, who asked not to be identified as the matter is private. No final decisions have been made, and Mubadala may still decide to keep its holding in Nova, they said.
Abu Dhabi, like many of the governments in the Middle East, is seeking funds to diversify its economy away from oil, though opinions within the emirate have differed on which strategy to pursue, two of the people said. The emirate acquired debt-laden Nova in 2009, and the asset soon became one of its top investments after the Calgary-based company took advantage of the boom in North American shale.
Abu Dhabi’s Mubadala Investment Co. is exploring options for Nova Chemicals Corp., a Canadian plastics maker that could be valued at $10 billion or more, according to people with knowledge of the situation.
The sovereign wealth fund is working with financial advisers as it weighs what to do with the asset, including selling a stake to a Canadian pension fund or another company in the industry, said the people, who asked not to be identified as the matter is private. No final decisions have been made, and Mubadala may still decide to keep its holding in Nova, they said.
Abu Dhabi, like many of the governments in the Middle East, is seeking funds to diversify its economy away from oil, though opinions within the emirate have differed on which strategy to pursue, two of the people said. The emirate acquired debt-laden Nova in 2009, and the asset soon became one of its top investments after the Calgary-based company took advantage of the boom in North American shale.
#Saudi Aramco to meet bond investors next week ahead of debut dollar bond - sources | ZAWYA MENA Edition
Saudi Aramco to meet bond investors next week ahead of debut dollar bond - sources | ZAWYA MENA Edition:
Saudi Aramco will start meeting bond investors next week to persuade them to buy its debut international bond, which will help the world's largest oil producer fund the $69.1 billion purchase of a stake in Saudi Basic Industries Corp (SABIC), sources familiar with the matter said.
The Saudi oil giant, which declined to comment, said on Wednesday it had agreed to buy a 70 percent stake in SABIC from Saudi Arabia's Public Investment Fund (PIF) in one of the largest deals in the global chemicals industry.
The deal could inject billions of dollars into the PIF, giving it the firepower to proceed with its plans to create jobs and diversify the largest Arab economy beyond oil exports.
Saudi Aramco will start meeting bond investors next week to persuade them to buy its debut international bond, which will help the world's largest oil producer fund the $69.1 billion purchase of a stake in Saudi Basic Industries Corp (SABIC), sources familiar with the matter said.
The Saudi oil giant, which declined to comment, said on Wednesday it had agreed to buy a 70 percent stake in SABIC from Saudi Arabia's Public Investment Fund (PIF) in one of the largest deals in the global chemicals industry.
The deal could inject billions of dollars into the PIF, giving it the firepower to proceed with its plans to create jobs and diversify the largest Arab economy beyond oil exports.
MENA fund managers increase investments in #UAE, Egypt: poll | ZAWYA MENA Edition
MENA fund managers increase investments in UAE, Egypt: poll | ZAWYA MENA Edition:
Middle Eastern funds plan to increase their investments in the United Arab Emirates (UAE) and Egypt over the next three months, while largely keeping their exposure to other countries in the region at current levels, according to a Reuters poll.
Dubai was one of the world's worst performing markets last year but six out of 10 fund managers polled in March said they would increase their allocations to the UAE.
One said he was picking specific stocks rather than allocating broadly to the country, however.
Middle Eastern funds plan to increase their investments in the United Arab Emirates (UAE) and Egypt over the next three months, while largely keeping their exposure to other countries in the region at current levels, according to a Reuters poll.
Dubai was one of the world's worst performing markets last year but six out of 10 fund managers polled in March said they would increase their allocations to the UAE.
One said he was picking specific stocks rather than allocating broadly to the country, however.
Exclusive: OPEC struggles to keep Russia on board with oil cut, may offer shorter extension | Reuters
Exclusive: OPEC struggles to keep Russia on board with oil cut, may offer shorter extension | Reuters:
Saudi Arabia is having a hard time convincing Russia to stay much longer in an OPEC-led pact cutting oil supply, and Moscow may agree only to a three-month extension, three sources familiar with the matter said.
Russian Energy Minister Alexander Novak told his Saudi counterpart Khalid al-Falih when the two met in Baku this month that he cannot guarantee an extension to the end of 2019, the sources said.
“Novak told Falih that he will extend in June but can only do it until the end of September as he is under too much pressure internally to end the cuts,” a source familiar with Russian oil policy said.
Saudi Arabia is having a hard time convincing Russia to stay much longer in an OPEC-led pact cutting oil supply, and Moscow may agree only to a three-month extension, three sources familiar with the matter said.
Russian Energy Minister Alexander Novak told his Saudi counterpart Khalid al-Falih when the two met in Baku this month that he cannot guarantee an extension to the end of 2019, the sources said.
“Novak told Falih that he will extend in June but can only do it until the end of September as he is under too much pressure internally to end the cuts,” a source familiar with Russian oil policy said.
Oil near flat, shrugs off Trump calls for OPEC to boost output | Reuters
Oil near flat, shrugs off Trump calls for OPEC to boost output | Reuters:
Oil futures were near flat on Thursday after recovering from the day’s worst losses that came when U.S. President Donald Trump called for OPEC to boost crude output in an effort to lower prices that were headed for their best quarterly gains in a decade.
Futures hit a session low immediately following Trump’s comments, but subsequently rallied above pre-tweet levels.
U.S. West Texas Intermediate (WTI) crude futures dropped 11 cents to settle at $59.30 a barrel. Earlier the contract fell to $58.20 in the wake of Trump’s tweet, where he said it was “very important that OPEC (the Organization of the Petroleum Exporting Countries) increase the flow of Oil” due to fragile world markets.
Brent crude futures lost 1 cent to settle at $67.82 a barrel, after earlier sinking to $66.54 a barrel.
Oil futures were near flat on Thursday after recovering from the day’s worst losses that came when U.S. President Donald Trump called for OPEC to boost crude output in an effort to lower prices that were headed for their best quarterly gains in a decade.
Futures hit a session low immediately following Trump’s comments, but subsequently rallied above pre-tweet levels.
U.S. West Texas Intermediate (WTI) crude futures dropped 11 cents to settle at $59.30 a barrel. Earlier the contract fell to $58.20 in the wake of Trump’s tweet, where he said it was “very important that OPEC (the Organization of the Petroleum Exporting Countries) increase the flow of Oil” due to fragile world markets.
Brent crude futures lost 1 cent to settle at $67.82 a barrel, after earlier sinking to $66.54 a barrel.
MIDEAST STOCKS- #Saudi's SABIC loses steam, ex-dividend stocks hit #AbuDhabi | Reuters
MIDEAST STOCKS-Saudi's SABIC loses steam, ex-dividend stocks hit Abu Dhabi | Reuters:
Saudi Arabia's stock market rose on Thursday aided by its banks, even as Saudi Basic Industries (SABIC) gave up most of its early gains spurred by news of Aramco's purchase of a large stake in the petrochemicals group.
Abu Dhabi edged down as some stocks traded ex-dividend.
Saudi Arabia's index was up 0.3 percent with Al Rajhi Bank adding 1 percent and National Commercial Bank rising 2 percent.
Saudi Arabia's stock market rose on Thursday aided by its banks, even as Saudi Basic Industries (SABIC) gave up most of its early gains spurred by news of Aramco's purchase of a large stake in the petrochemicals group.
Abu Dhabi edged down as some stocks traded ex-dividend.
Saudi Arabia's index was up 0.3 percent with Al Rajhi Bank adding 1 percent and National Commercial Bank rising 2 percent.
Mideast Stocks: Aramco-SABIC deal lifts #Saudi, ex-dividend stocks hurt Abu Dhabi | ZAWYA MENA Edition
Mideast Stocks: Aramco-SABIC deal lifts Saudi, ex-dividend stocks hurt Abu Dhabi | ZAWYA MENA Edition:
Saudi Arabia's stock market inched up on Thursday after oil producer Saudi Aramco agreed to buy a 70 percent stake in Saudi Basic Industries, while Abu Dhabi's stock market fell as some stocks traded ex-dividend.
Saudi Arabia's index was up 0.2 percent with market heavyweight Saudi Basic Industries (SABIC) gaining 1.6 percent after the world's largest oil producer Saudi Aramco agreed to buy a 70 percent stake in the firm from the Public Investment Firm (PIF) for $69.1 billion.
The mega deal sent Saudi's petrochemical stocks higher, with SABIC's unit Saudi Kayan Petrochemical adding 0.9 percent, while Aramco's unit Rabigh Refining rose 0.2 percent.
Saudi Arabia's stock market inched up on Thursday after oil producer Saudi Aramco agreed to buy a 70 percent stake in Saudi Basic Industries, while Abu Dhabi's stock market fell as some stocks traded ex-dividend.
Saudi Arabia's index was up 0.2 percent with market heavyweight Saudi Basic Industries (SABIC) gaining 1.6 percent after the world's largest oil producer Saudi Aramco agreed to buy a 70 percent stake in the firm from the Public Investment Firm (PIF) for $69.1 billion.
The mega deal sent Saudi's petrochemical stocks higher, with SABIC's unit Saudi Kayan Petrochemical adding 0.9 percent, while Aramco's unit Rabigh Refining rose 0.2 percent.
#Dubai theme parks owner writes down value of assets by over $400mln | ZAWYA MENA Edition
Dubai theme parks owner writes down value of assets by over $400mln | ZAWYA MENA Edition:
The owner of the Dubai Parks and Resorts theme parks has written down the value of its assets by more than 1.54 billion ($419.3 million), newly-filed accounts show.
DXB Entertainments declared a 991 million-dirhams impairment in the value of the Dubai Parks and Resorts complex of theme parks, comprising the Bollywood Parks Dubai, Motiongate Dubai and Legoland Dubai theme parks, among other assets, which it attributed to a “delayed ramp-up of international visitation”.
Dubai Parks and Resorts attracted almost 2.8 million visitors last year, which was a 22 percent year-on-year increase. However, its initial target for visitor numbers for 2018 was 6.6 million visits.
The owner of the Dubai Parks and Resorts theme parks has written down the value of its assets by more than 1.54 billion ($419.3 million), newly-filed accounts show.
DXB Entertainments declared a 991 million-dirhams impairment in the value of the Dubai Parks and Resorts complex of theme parks, comprising the Bollywood Parks Dubai, Motiongate Dubai and Legoland Dubai theme parks, among other assets, which it attributed to a “delayed ramp-up of international visitation”.
Dubai Parks and Resorts attracted almost 2.8 million visitors last year, which was a 22 percent year-on-year increase. However, its initial target for visitor numbers for 2018 was 6.6 million visits.
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